The global gas turbines market was valued at USD 16.97 Billion in 2016 and is projected to reach USD 20.66 Billion by 2022, at a CAGR of 3.36%, from 2017 to 2022.
According to the new market research report "Gas Turbines Market by Technology (Open Cycle and Combined Cycle), Rating Capacity (Less than 40 MW, 40-120 MW, 120-300 MW, and Above 300 MW), Design Type (Heavy Duty and Aeroderivative), Application (Power and Oil & Gas), and Region - Global Forecast to 2022", published by MarketsandMarkets™, The gas turbines market is expected to grow from an estimated USD 17.51 Billion in 2017 to USD 20.66 Billion by 2022, at a CAGR of 3.36%, from 2017 to 2022. Market growth of gas turbines is driven by factors such as increasing demand for electric power worldwide and subsequent investments in creating new generating capacity, high efficiency, and low carbon emission characteristics of natural gas-fired power plants and shale gas boom, especially in the North America region.
Asia-Pacific is the largest market for gas turbines and will continue to be the largest market till 2020, followed by Europe and North America respectively.
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The key players in the gas turbines market have been awarded with various contracts to construct, develop, or upgrade combined cycle power plants and CHP (combined heat & power) or cogeneration plants and equip them with gas turbines. These companies have also supplied gas turbines for application in mechanical drives and FPSO (floating production storage and offloading) vessels as well.
These contracts were awarded in countries present in almost every part of the globe. So in a way, the demand for gas turbines exists wherever there is a demand for electricity, which is being or will be met by gas-fired power plants.
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Asia-Pacific is currently the largest market for gas turbines, followed by Europe and North America. Japan accounted for a majority share in Asia-Pacific in 2014, while China is projected to grow at the highest CAGR of 5.5% from 2015 to 2020.
The slowdown in the nuclear power industry due to the Fukushima incident and the continuing replacement of nuclear and aging coal plants with gas-fired ones would continue to drive the Japanese gas turbines market. In countries such as China and India, factors such as strong growth in demand for electricity fueled by high levels of urbanization, industrialization, & infrastructural developments and subsequent investments in developing new large-gas fired combined cycle power generation, apart from other power plants, would spur the demand for gas turbines in these countries.
Latin America is the fastest growing market for gas turbines; the market in this region is projected to grow at a CAGR of 5.9% from 2015 to 2020. The major demand for gas turbines in this region comes from the power generation utilities as well as from the oil & gas industries.
This region also has a significant demand for mobile aeroderivative gas turbines. In North America and Europe, the growth of the gas turbines market can be attributed to factors including shale gas boom, replacement of aging thermal facilities operating on coal, environmental regulations demanding use of more efficient & less carbon emissive means for power generation, and the development in gas-fired combined cycle power plants among others.
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The gas turbines market includes a few large global players and small regional players. Some of the key players operating in the market include General Electric Company (U.S.), Siemens AG (Germany), Mitsubishi Hitachi Power Systems, Ltd. (Japan), and Alstom S.A. (France) among others. Other companies include Kawasaki Heavy Industries, Ltd. (Japan), Ansaldo Energia S.p.A (Italy), Bharat Heavy Electricals Limited (India), OPRA Turbines BV (The Netherlands), MAN Diesel & Turbo SE (Germany), Harbin Electric International Company Limited (China), Vericor Power Systems (U.S.), and Solar Turbines Incorporated (U.S.).
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